Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC reduced its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 37.8% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 7,262 shares of the company’s stock after selling 4,417 shares during the period. Tower Research Capital LLC TRC’s holdings in Gates Industrial were worth $149,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. HighPoint Advisor Group LLC boosted its stake in shares of Gates Industrial by 3.2% in the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock worth $331,000 after buying an additional 452 shares during the last quarter. MetLife Investment Management LLC boosted its position in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after purchasing an additional 567 shares in the last quarter. United Services Automobile Association grew its stake in shares of Gates Industrial by 4.8% during the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock worth $289,000 after purchasing an additional 646 shares during the period. Tectonic Advisors LLC grew its stake in shares of Gates Industrial by 3.6% during the 4th quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock worth $429,000 after purchasing an additional 724 shares during the period. Finally, SRS Capital Advisors Inc. increased its holdings in shares of Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after purchasing an additional 724 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GTES. KeyCorp increased their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Morgan Stanley lowered their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Royal Bank of Canada lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Barclays lowered their price target on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Finally, Citigroup cut their price objective on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.78.

Gates Industrial Stock Up 0.5 %

Shares of GTES opened at $20.11 on Wednesday. The stock has a 50 day moving average price of $18.50 and a 200 day moving average price of $20.15. Gates Industrial Corp PLC has a one year low of $14.70 and a one year high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock has a market capitalization of $5.18 billion, a price-to-earnings ratio of 27.55 and a beta of 1.23.

Gates Industrial (NYSE:GTES) last released its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 earnings per share. Equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Profile

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.